{"abstract":"The Securities and Exchange Commission (\"Commission\" or \"SEC\") is amending Regulation National Market System (\"Regulation NMS\") under the Securities Exchange Act of 1934 (\"Exchange Act\") to modernize the national market system for the collection, consolidation, and dissemination of information with respect to quotations for and transactions in national market system (\"NMS\") stocks (\"NMS information\"). Specifically, the Commission is expanding the content of NMS information that is required to be collected, consolidated, and disseminated as part of the national market system under Regulation NMS and is amending the method by which such NMS information is collected, calculated, and disseminated by fostering a competitive environment for the dissemination of NMS information via a decentralized consolidation model with competing consolidators.","action":"Final rule.","agencies":[{"raw_name":"SECURITIES AND EXCHANGE COMMISSION","name":"Securities and Exchange Commission","id":466,"url":"https://www.federalregister.gov/agencies/securities-and-exchange-commission","json_url":"https://www.federalregister.gov/api/v1/agencies/466","parent_id":null,"slug":"securities-and-exchange-commission"}],"body_html_url":"https://www.federalregister.gov/documents/full_text/html/2021/04/09/2020-28370.html","cfr_references":[{"chapter":null,"citation_url":null,"part":"240","title":17},{"chapter":null,"citation_url":null,"part":"242","title":17},{"chapter":null,"citation_url":null,"part":"249","title":17}],"citation":"86 FR 18596","comment_url":null,"comments_close_on":null,"correction_of":null,"corrections":[],"dates":"Effective date: The final rules are effective June 8, 2021.","disposition_notes":null,"docket_ids":["Release No. 34-90610, File No. S7-03-20"],"dockets":[],"document_number":"2020-28370","effective_on":"2021-06-08","end_page":18838,"executive_order_notes":null,"executive_order_number":null,"full_text_xml_url":"https://www.federalregister.gov/documents/full_text/xml/2021/04/09/2020-28370.xml","html_url":"https://www.federalregister.gov/documents/2021/04/09/2020-28370/market-data-infrastructure","images":{"ER09AP21.019":{"large":"https://img.federalregister.gov/ER09AP21.019/ER09AP21.019_large.png","original_size":"https://img.federalregister.gov/ER09AP21.019/ER09AP21.019_original_size.png"},"ER09AP21.017":{"large":"https://img.federalregister.gov/ER09AP21.017/ER09AP21.017_large.png","original_size":"https://img.federalregister.gov/ER09AP21.017/ER09AP21.017_original_size.png"},"ER09AP21.018":{"large":"https://img.federalregister.gov/ER09AP21.018/ER09AP21.018_large.png","original_size":"https://img.federalregister.gov/ER09AP21.018/ER09AP21.018_original_size.png"},"ER09AP21.015":{"large":"https://img.federalregister.gov/ER09AP21.015/ER09AP21.015_large.png","original_size":"https://img.federalregister.gov/ER09AP21.015/ER09AP21.015_original_size.png"},"ER09AP21.016":{"large":"https://img.federalregister.gov/ER09AP21.016/ER09AP21.016_large.png","original_size":"https://img.federalregister.gov/ER09AP21.016/ER09AP21.016_original_size.png"},"ER09AP21.013":{"large":"https://img.federalregister.gov/ER09AP21.013/ER09AP21.013_large.png","original_size":"https://img.federalregister.gov/ER09AP21.013/ER09AP21.013_original_size.png"},"ER09AP21.014":{"large":"https://img.federalregister.gov/ER09AP21.014/ER09AP21.014_large.png","original_size":"https://img.federalregister.gov/ER09AP21.014/ER09AP21.014_original_size.png"},"ER09AP21.011":{"large":"https://img.federalregister.gov/ER09AP21.011/ER09AP21.011_large.png","original_size":"https://img.federalregister.gov/ER09AP21.011/ER09AP21.011_original_size.png"},"ER09AP21.012":{"large":"https://img.federalregister.gov/ER09AP21.012/ER09AP21.012_large.png","original_size":"https://img.federalregister.gov/ER09AP21.012/ER09AP21.012_original_size.png"},"ER09AP21.010":{"large":"https://img.federalregister.gov/ER09AP21.010/ER09AP21.010_large.png","original_size":"https://img.federalregister.gov/ER09AP21.010/ER09AP21.010_original_size.png"},"ER09AP21.008":{"large":"https://img.federalregister.gov/ER09AP21.008/ER09AP21.008_large.png","original_size":"https://img.federalregister.gov/ER09AP21.008/ER09AP21.008_original_size.png"},"ER09AP21.009":{"large":"https://img.federalregister.gov/ER09AP21.009/ER09AP21.009_large.png","original_size":"https://img.federalregister.gov/ER09AP21.009/ER09AP21.009_original_size.png"},"ER09AP21.006":{"large":"https://img.federalregister.gov/ER09AP21.006/ER09AP21.006_large.png","original_size":"https://img.federalregister.gov/ER09AP21.006/ER09AP21.006_original_size.png"},"ER09AP21.007":{"large":"https://img.federalregister.gov/ER09AP21.007/ER09AP21.007_large.png","original_size":"https://img.federalregister.gov/ER09AP21.007/ER09AP21.007_original_size.png"},"ER09AP21.004":{"large":"https://img.federalregister.gov/ER09AP21.004/ER09AP21.004_large.png","original_size":"https://img.federalregister.gov/ER09AP21.004/ER09AP21.004_original_size.png"},"ER09AP21.026":{"large":"https://img.federalregister.gov/ER09AP21.026/ER09AP21.026_large.png","original_size":"https://img.federalregister.gov/ER09AP21.026/ER09AP21.026_original_size.png"},"ER09AP21.005":{"large":"https://img.federalregister.gov/ER09AP21.005/ER09AP21.005_large.png","original_size":"https://img.federalregister.gov/ER09AP21.005/ER09AP21.005_original_size.png"},"ER09AP21.002":{"large":"https://img.federalregister.gov/ER09AP21.002/ER09AP21.002_large.png","original_size":"https://img.federalregister.gov/ER09AP21.002/ER09AP21.002_original_size.png"},"ER09AP21.024":{"large":"https://img.federalregister.gov/ER09AP21.024/ER09AP21.024_large.png","original_size":"https://img.federalregister.gov/ER09AP21.024/ER09AP21.024_original_size.png"},"ER09AP21.003":{"large":"https://img.federalregister.gov/ER09AP21.003/ER09AP21.003_large.png","original_size":"https://img.federalregister.gov/ER09AP21.003/ER09AP21.003_original_size.png"},"ER09AP21.025":{"large":"https://img.federalregister.gov/ER09AP21.025/ER09AP21.025_large.png","original_size":"https://img.federalregister.gov/ER09AP21.025/ER09AP21.025_original_size.png"},"ER09AP21.000":{"large":"https://img.federalregister.gov/ER09AP21.000/ER09AP21.000_large.png","original_size":"https://img.federalregister.gov/ER09AP21.000/ER09AP21.000_original_size.png"},"ER09AP21.022":{"large":"https://img.federalregister.gov/ER09AP21.022/ER09AP21.022_large.png","original_size":"https://img.federalregister.gov/ER09AP21.022/ER09AP21.022_original_size.png"},"ER09AP21.001":{"large":"https://img.federalregister.gov/ER09AP21.001/ER09AP21.001_large.png","original_size":"https://img.federalregister.gov/ER09AP21.001/ER09AP21.001_original_size.png"},"ER09AP21.023":{"large":"https://img.federalregister.gov/ER09AP21.023/ER09AP21.023_large.png","original_size":"https://img.federalregister.gov/ER09AP21.023/ER09AP21.023_original_size.png"},"ER09AP21.020":{"large":"https://img.federalregister.gov/ER09AP21.020/ER09AP21.020_large.png","original_size":"https://img.federalregister.gov/ER09AP21.020/ER09AP21.020_original_size.png"},"ER09AP21.021":{"large":"https://img.federalregister.gov/ER09AP21.021/ER09AP21.021_large.png","original_size":"https://img.federalregister.gov/ER09AP21.021/ER09AP21.021_original_size.png"}},"images_metadata":{"ER09AP21.019":{"large":{"identifier":"ER09AP21.019","content_type":"image/png","size":94189,"width":823,"sha":"afc52532f3d5be95b44f9610c309582b","url":"https://img.federalregister.gov/ER09AP21.019/ER09AP21.019_large.png","height":1136},"original_size":{"identifier":"ER09AP21.019","content_type":"image/png","size":169751,"width":3862,"sha":"151f851f1abfd8a5731cd6b2219476dc","url":"https://img.federalregister.gov/ER09AP21.019/ER09AP21.019_original_size.png","height":5333}},"ER09AP21.017":{"large":{"identifier":"ER09AP21.017","content_type":"image/png","size":86078,"width":823,"sha":"43f0cf5bfe4c2958bd60433537247dc8","url":"https://img.federalregister.gov/ER09AP21.017/ER09AP21.017_large.png","height":1134},"original_size":{"identifier":"ER09AP21.017","content_type":"image/png","size":154970,"width":3869,"sha":"8cf9e694b26b1d19e1d94f00ec3b2111","url":"https://img.federalregister.gov/ER09AP21.017/ER09AP21.017_original_size.png","height":5333}},"ER09AP21.018":{"large":{"identifier":"ER09AP21.018","content_type":"image/png","size":91462,"width":822,"sha":"5cd1b769b698b8210d19b3f6e0f5e205","url":"https://img.federalregister.gov/ER09AP21.018/ER09AP21.018_large.png","height":1186},"original_size":{"identifier":"ER09AP21.018","content_type":"image/png","size":156059,"width":3697,"sha":"fd8a318d320c913e70b5c67f621622a3","url":"https://img.federalregister.gov/ER09AP21.018/ER09AP21.018_original_size.png","height":5333}},"ER09AP21.015":{"large":{"identifier":"ER09AP21.015","content_type":"image/png","size":35793,"width":823,"sha":"c0b942ba449beda55961fdbae6ec928d","url":"https://img.federalregister.gov/ER09AP21.015/ER09AP21.015_large.png","height":722},"original_size":{"identifier":"ER09AP21.015","content_type":"image/png","size":71490,"width":3902,"sha":"725c159f2820a43f58cf7cf6550c4edf","url":"https://img.federalregister.gov/ER09AP21.015/ER09AP21.015_original_size.png","height":3425}},"ER09AP21.016":{"large":{"identifier":"ER09AP21.016","content_type":"image/png","size":113792,"width":823,"sha":"44f32728a8ea2d30e01637de521b7283","url":"https://img.federalregister.gov/ER09AP21.016/ER09AP21.016_large.png","height":983},"original_size":{"identifier":"ER09AP21.016","content_type":"image/png","size":226006,"width":3948,"sha":"c85baaf7435b22f99e06b91502903d86","url":"https://img.federalregister.gov/ER09AP21.016/ER09AP21.016_original_size.png","height":4714}},"ER09AP21.013":{"large":{"identifier":"ER09AP21.013","content_type":"image/png","size":80282,"width":823,"sha":"62a3b64431fb233b44d5b392a9f7b70b","url":"https://img.federalregister.gov/ER09AP21.013/ER09AP21.013_large.png","height":1177},"original_size":{"identifier":"ER09AP21.013","content_type":"image/png","size":127278,"width":3729,"sha":"8affff8d22873f4b0829d469337f8e86","url":"https://img.federalregister.gov/ER09AP21.013/ER09AP21.013_original_size.png","height":5333}},"ER09AP21.014":{"large":{"identifier":"ER09AP21.014","content_type":"image/png","size":20628,"width":823,"sha":"ad334fffc955fb1c43b308ec3835b9ef","url":"https://img.federalregister.gov/ER09AP21.014/ER09AP21.014_large.png","height":259},"original_size":{"identifier":"ER09AP21.014","content_type":"image/png","size":36652,"width":3901,"sha":"aea7b33102623bcaa05323a4d97896f8","url":"https://img.federalregister.gov/ER09AP21.014/ER09AP21.014_original_size.png","height":1228}},"ER09AP21.011":{"large":{"identifier":"ER09AP21.011","content_type":"image/png","size":9586,"width":823,"sha":"f85606bcbfd3b319b9913a8d9a8852d0","url":"https://img.federalregister.gov/ER09AP21.011/ER09AP21.011_large.png","height":113},"original_size":{"identifier":"ER09AP21.011","content_type":"image/png","size":17124,"width":3852,"sha":"b24f762a8bcfb728aa61a559274d394d","url":"https://img.federalregister.gov/ER09AP21.011/ER09AP21.011_original_size.png","height":531}},"ER09AP21.012":{"large":{"identifier":"ER09AP21.012","content_type":"image/png","size":41590,"width":822,"sha":"fe828acb680ccd822081cf4d36dd91d2","url":"https://img.federalregister.gov/ER09AP21.012/ER09AP21.012_large.png","height":740},"original_size":{"identifier":"ER09AP21.012","content_type":"image/png","size":80414,"width":3902,"sha":"500dc011c9706067d4a6aa85fdadebe6","url":"https://img.federalregister.gov/ER09AP21.012/ER09AP21.012_original_size.png","height":3512}},"ER09AP21.010":{"large":{"identifier":"ER09AP21.010","content_type":"image/png","size":90255,"width":823,"sha":"82b55a94a437d14d944bbdf099e083d4","url":"https://img.federalregister.gov/ER09AP21.010/ER09AP21.010_large.png","height":1137},"original_size":{"identifier":"ER09AP21.010","content_type":"image/png","size":164724,"width":3859,"sha":"632b5defcdc32bb3ff66e33e526885b8","url":"https://img.federalregister.gov/ER09AP21.010/ER09AP21.010_original_size.png","height":5333}},"ER09AP21.008":{"large":{"identifier":"ER09AP21.008","content_type":"image/png","size":86513,"width":822,"sha":"37500622079dc7201474972dbdf28b83","url":"https://img.federalregister.gov/ER09AP21.008/ER09AP21.008_large.png","height":1186},"original_size":{"identifier":"ER09AP21.008","content_type":"image/png","size":143774,"width":3697,"sha":"b6770fd475be89cd57d13e704a7771ec","url":"https://img.federalregister.gov/ER09AP21.008/ER09AP21.008_original_size.png","height":5333}},"ER09AP21.009":{"large":{"identifier":"ER09AP21.009","content_type":"image/png","size":93839,"width":823,"sha":"883ae3329331eba023275d5c54a4b894","url":"https://img.federalregister.gov/ER09AP21.009/ER09AP21.009_large.png","height":1136},"original_size":{"identifier":"ER09AP21.009","content_type":"image/png","size":165883,"width":3862,"sha":"b72f61f62bbda22778df3bb0044ec44e","url":"https://img.federalregister.gov/ER09AP21.009/ER09AP21.009_original_size.png","height":5333}},"ER09AP21.006":{"large":{"identifier":"ER09AP21.006","content_type":"image/png","size":75115,"width":823,"sha":"38e11b03c1cc634b70f97a2277c596be","url":"https://img.federalregister.gov/ER09AP21.006/ER09AP21.006_large.png","height":1178},"original_size":{"identifier":"ER09AP21.006","content_type":"image/png","size":142400,"width":3726,"sha":"3ed14533af23ebecc4a81a2cc49d57c3","url":"https://img.federalregister.gov/ER09AP21.006/ER09AP21.006_original_size.png","height":5333}},"ER09AP21.007":{"large":{"identifier":"ER09AP21.007","content_type":"image/png","size":90029,"width":823,"sha":"c92787317fdd161caf3127648a0b4baf","url":"https://img.federalregister.gov/ER09AP21.007/ER09AP21.007_large.png","height":1186},"original_size":{"identifier":"ER09AP21.007","content_type":"image/png","size":150656,"width":3699,"sha":"7c2641b9249ee270e9e759b957a222b7","url":"https://img.federalregister.gov/ER09AP21.007/ER09AP21.007_original_size.png","height":5333}},"ER09AP21.004":{"large":{"identifier":"ER09AP21.004","content_type":"image/png","size":84036,"width":823,"sha":"7430c973096d92b85e23c35762b2b11e","url":"https://img.federalregister.gov/ER09AP21.004/ER09AP21.004_large.png","height":1191},"original_size":{"identifier":"ER09AP21.004","content_type":"image/png","size":153127,"width":3686,"sha":"844a80b8637d063bdb08b57a2f1fd369","url":"https://img.federalregister.gov/ER09AP21.004/ER09AP21.004_original_size.png","height":5333}},"ER09AP21.026":{"large":{"identifier":"ER09AP21.026","content_type":"image/png","size":29589,"width":823,"sha":"4f8fc6e5b34be89f486e08c9ea7a76b5","url":"https://img.federalregister.gov/ER09AP21.026/ER09AP21.026_large.png","height":408},"original_size":{"identifier":"ER09AP21.026","content_type":"image/png","size":55001,"width":3894,"sha":"a4d10011e2260c62512d22ced3224b07","url":"https://img.federalregister.gov/ER09AP21.026/ER09AP21.026_original_size.png","height":1931}},"ER09AP21.005":{"large":{"identifier":"ER09AP21.005","content_type":"image/png","size":95248,"width":823,"sha":"192cbf1b72b7a80602a658a69bdcdd71","url":"https://img.federalregister.gov/ER09AP21.005/ER09AP21.005_large.png","height":1205},"original_size":{"identifier":"ER09AP21.005","content_type":"image/png","size":163224,"width":3641,"sha":"671dc77474756eb535c36e23ba97dc4d","url":"https://img.federalregister.gov/ER09AP21.005/ER09AP21.005_original_size.png","height":5333}},"ER09AP21.002":{"large":{"identifier":"ER09AP21.002","content_type":"image/png","size":82047,"width":823,"sha":"632cb23e333774efee254c7c11dea040","url":"https://img.federalregister.gov/ER09AP21.002/ER09AP21.002_large.png","height":1211},"original_size":{"identifier":"ER09AP21.002","content_type":"image/png","size":141784,"width":3625,"sha":"21299aaeab0cfd5a805d0111eb2e3e9b","url":"https://img.federalregister.gov/ER09AP21.002/ER09AP21.002_original_size.png","height":5333}},"ER09AP21.024":{"large":{"identifier":"ER09AP21.024","content_type":"image/png","size":101178,"width":823,"sha":"8b4d2d106eb1fc99d7a362f7c0771b72","url":"https://img.federalregister.gov/ER09AP21.024/ER09AP21.024_large.png","height":1184},"original_size":{"identifier":"ER09AP21.024","content_type":"image/png","size":173924,"width":3707,"sha":"3544406fe8a36ec36717a4fccf35c1d1","url":"https://img.federalregister.gov/ER09AP21.024/ER09AP21.024_original_size.png","height":5333}},"ER09AP21.003":{"large":{"identifier":"ER09AP21.003","content_type":"image/png","size":96878,"width":823,"sha":"f583b36a6074a8c821553f079c60f0f4","url":"https://img.federalregister.gov/ER09AP21.003/ER09AP21.003_large.png","height":1163},"original_size":{"identifier":"ER09AP21.003","content_type":"image/png","size":167967,"width":3773,"sha":"b09827f1d0b3710bfaebce32206cbe39","url":"https://img.federalregister.gov/ER09AP21.003/ER09AP21.003_original_size.png","height":5333}},"ER09AP21.025":{"large":{"identifier":"ER09AP21.025","content_type":"image/png","size":96819,"width":822,"sha":"aed4885d86cd07fa3c24f8c390ff5c20","url":"https://img.federalregister.gov/ER09AP21.025/ER09AP21.025_large.png","height":1181},"original_size":{"identifier":"ER09AP21.025","content_type":"image/png","size":170454,"width":3713,"sha":"4b4a82f38afc1909463163bb33c6d0ab","url":"https://img.federalregister.gov/ER09AP21.025/ER09AP21.025_original_size.png","height":5333}},"ER09AP21.000":{"large":{"identifier":"ER09AP21.000","content_type":"image/png","size":41645,"width":823,"sha":"7c92c8af852e56e367584c516069aaac","url":"https://img.federalregister.gov/ER09AP21.000/ER09AP21.000_large.png","height":445},"original_size":{"identifier":"ER09AP21.000","content_type":"image/png","size":184129,"width":3901,"sha":"0f8efb88d01656337ab0f8cd680cff19","url":"https://img.federalregister.gov/ER09AP21.000/ER09AP21.000_original_size.png","height":2109}},"ER09AP21.022":{"large":{"identifier":"ER09AP21.022","content_type":"image/png","size":95762,"width":823,"sha":"7e649caa5a41191d73c732342fee0e14","url":"https://img.federalregister.gov/ER09AP21.022/ER09AP21.022_large.png","height":1184},"original_size":{"identifier":"ER09AP21.022","content_type":"image/png","size":164104,"width":3705,"sha":"b33413c2612a8e335459d171f52a9c18","url":"https://img.federalregister.gov/ER09AP21.022/ER09AP21.022_original_size.png","height":5333}},"ER09AP21.001":{"large":{"identifier":"ER09AP21.001","content_type":"image/png","size":70795,"width":823,"sha":"0a8e3a531e2f0129b09d47d89e9a5b25","url":"https://img.federalregister.gov/ER09AP21.001/ER09AP21.001_large.png","height":1208},"original_size":{"identifier":"ER09AP21.001","content_type":"image/png","size":113010,"width":3633,"sha":"91dac2fd288056006b88e22f75155701","url":"https://img.federalregister.gov/ER09AP21.001/ER09AP21.001_original_size.png","height":5333}},"ER09AP21.023":{"large":{"identifier":"ER09AP21.023","content_type":"image/png","size":105431,"width":823,"sha":"313388eb5c5ebaa6142a5d25579754a2","url":"https://img.federalregister.gov/ER09AP21.023/ER09AP21.023_large.png","height":1186},"original_size":{"identifier":"ER09AP21.023","content_type":"image/png","size":182074,"width":3701,"sha":"ce103c90c83e4a2394902f71cc5302a6","url":"https://img.federalregister.gov/ER09AP21.023/ER09AP21.023_original_size.png","height":5333}},"ER09AP21.020":{"large":{"identifier":"ER09AP21.020","content_type":"image/png","size":96798,"width":823,"sha":"78a437ffe28e4a4343b126f38ee5a1ce","url":"https://img.federalregister.gov/ER09AP21.020/ER09AP21.020_large.png","height":1193},"original_size":{"identifier":"ER09AP21.020","content_type":"image/png","size":165360,"width":3678,"sha":"2960f0d6665164499c0f2be78c86c437","url":"https://img.federalregister.gov/ER09AP21.020/ER09AP21.020_original_size.png","height":5333}},"ER09AP21.021":{"large":{"identifier":"ER09AP21.021","content_type":"image/png","size":97305,"width":823,"sha":"663384059c79e4a2d963f3def2b4afc0","url":"https://img.federalregister.gov/ER09AP21.021/ER09AP21.021_large.png","height":1184},"original_size":{"identifier":"ER09AP21.021","content_type":"image/png","size":161862,"width":3707,"sha":"d7333cead658ea204ff6d0d5e43552ff","url":"https://img.federalregister.gov/ER09AP21.021/ER09AP21.021_original_size.png","height":5333}}},"json_url":"https://www.federalregister.gov/api/v1/documents/2020-28370?publication_date=2021-04-09","mods_url":"https://www.govinfo.gov/metadata/granule/FR-2021-04-09/2020-28370/mods.xml","not_received_for_publication":null,"page_length":243,"page_views":{"count":6185,"last_updated":"2026-07-27 22:15:03 -0400"},"pdf_url":"https://www.govinfo.gov/content/pkg/FR-2021-04-09/pdf/2020-28370.pdf","presidential_document_number":null,"proclamation_number":null,"public_inspection_pdf_url":"https://public-inspection.federalregister.gov/2020-28370.pdf?1617885917","publication_date":"2021-04-09","raw_text_url":"https://www.federalregister.gov/documents/full_text/text/2021/04/09/2020-28370.txt","regulation_id_number_info":{"3235-AM61":{"issue":"202010","html_url":"https://www.federalregister.gov/regulations/3235-AM61/market-data-infrastructure","title":"Market Data Infrastructure","xml_url":"http://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202010&RIN=3235-AM61&operation=OPERATION_EXPORT_XML","priority_category":"Substantive, Nonsignificant"}},"regulation_id_numbers":["3235-AM61"],"regulations_dot_gov_info":{"comments_count":0,"agency_id":"SEC","document_id":"SEC-2021-0480-0001","checked_regulationsdotgov_at":"2021-04-10T03:30:09Z"},"regulations_dot_gov_url":null,"significant":false,"signing_date":null,"start_page":18596,"subtype":null,"title":"Market Data Infrastructure","toc_doc":"Market Data Infrastructure","toc_subject":null,"topics":["Brokers","Reporting and recordkeeping requirements","Securities"],"type":"Rule","volume":86}